What Business Subsidies Support Stone Crusher Startups in India?
Tijd:
21 August 2021
Starting a stone crusher business in India involves significant planning and investment. Fortunately, several government incentives and schemes exist to support small- and medium-sized enterprises (SMEs) in the manufacturing and infrastructure sectors, including stone crushing businesses. Below are some relevant business subsidies and support available for stone crusher startups in India:
1. PMEGP (Prime Minister’s Employment Generation Programme):
- Overzicht: The PMEGP is a government credit-linked subsidy scheme that aims to promote micro-enterprises in rural and urban areas.
- Eligibility: Entrepreneurs above 18 years of age are eligible to apply.
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- Subsidy of 15-35% of the project cost, depending on the region and beneficiary group.
- Maximum project cost allowed is ₹25 lakhs for manufacturing units.
- How to Apply: Through District Industries Centres (DICs) or the Khadi & Village Industries Commission (KVIC) portal.
2. Stand-Up India Scheme:
- Overzicht: This scheme provides loans to Scheduled Castes (SC), Scheduled Tribes (ST), and women entrepreneurs for establishing new enterprises in the manufacturing or service sectors.
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- Loans ranging from ₹10 lakhs to ₹1 crore.
- Refinancing support to banks through SIDBI (Small Industries Development Bank of India).
- How to Apply: Applications can be filed through the Stand-Up India portal or designated bank branches.
3. Mudra Loans under the Pradhan Mantri Mudra Yojana (PMMY):
- Overzicht: Mudra loans are available to non-corporate, small/micro-enterprises under the PMMY scheme.
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- Loans categorized into three tiers:
- Shishu: Loans up to ₹50,000.
- Kishor: Loans above ₹50,000 and up to ₹5 lakhs.
- Tarun: Loans above ₹5 lakhs and up to ₹10 lakhs.
- No collateral is required.
- How to Apply: Apply through banks, NBFCs, or microfinance institutions.
4. Credit Linked Capital Subsidy Scheme for Technology Upgradation (CLCSS):
- Overzicht: This scheme provides a subsidy to SMEs for upgrading production technology.
- Eligibility: Manufacturing units, including stone crusher businesses, can apply.
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- 15% subsidy on the eligible plant and machinery cost.
- Subsidy limit is ₹1 crore.
- How to Apply: Submit an application through SIDBI or other nodal agencies.
5. State Government Subsidies:
- Every state in India offers specific subsidies or initiatives tailored to industrial development. For example:
- Tamil Nadu: Provides capital subsidy, interest subsidies, and tax exemptions for MSMEs.
- Uttar Pradesh: Offers industrial investment promotion subsidies for plant and machinery.
- Madhya Pradesh: Provides discounts on electricity tariffs and other incentives to manufacturing units.
- How to Apply: Contact the State Industries Promotion Corporation or District Industries Centre in your state.
6. Startup India Scheme:
- Overzicht: The Startup India scheme supports innovation and entrepreneurship, particularly for unique business models in traditional industries like manufacturing.
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- Provides easier compliance processes and self-certification under labor and environment laws.
- Access to a dedicated fund of ₹10,000 crores earmarked for startups.
- Tax exemption for 3 consecutive years.
- How to Apply: Register your business on the Startup India portal.
7. Infrastructure Development Support:
- In several parts of India, the government provides subsidized rates for land, water, and electricity to help reduce operating costs for businesses, including manufacturing setups like stone crushers.
8. Subsidies for Pollution Control Equipment:
- The government provides financial incentives to industries investing in pollution control measures under various state and central schemes.
- Stone crushers often require pollution control machinery, and subsidy programs can help reduce the capital expenditure in this regard.
- Nodal Agency: Central Pollution Control Board (CPCB) or State Pollution Control Boards (SPCBs).
9. NABARD Schemes for MSMEs:
- NABARD (National Bank for Agriculture and Rural Development) offers financial assistance to rural entrepreneurs setting up agro-based industries, which can include stone crushing units.
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- Low-interest loans.
- Incentives for establishing units in backward or rural areas.
- How to Apply: Apply through NABARD’s district offices or partner banks.
10. Venture Capital Assistance Scheme by SFAC:
- Overzicht: Supported by the Small Farmers’ Agri-Business Consortium (SFAC), this scheme provides financial aid to startups involved in agri-business activities, including rural-based industries such as stone crushers.
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- Financial support as equity or quasi-equity to improve the business’s credibility for loans.
- Promotion of rural entrepreneurship.
- How to Apply: Applications are submitted through SFAC.
Steps to Access Subsidies:
- Prepare a detailed business plan with project cost, projections, and environmental considerations.
- Register your business as an MSME on the Udyam Registration portal.
- Visit the respective portals (KVIC, SIDBI, or state government) to apply for specific schemes.
- Seek advice and guidance from District Industries Centres (DICs) in your region.
By leveraging the above schemes, budding entrepreneurs can significantly reduce the financial burden of establishing a stone crusher business. Be sure to comply with regulatory requirements, especially environmental clearances, to ensure smooth operations.
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